CEE Bonds

Credit Bank of Moscow (CBM) is going on the road to promote a dollar loan participation note, returning to its usual external funding currency after a flirtation with euros in February.

Turkey’s economy contracted sharply in the last quarter of 2018, bringing the economy into a formal recession. But investors remain happy to pile into Turkish paper.

Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.

Ukraine goes to the polls at the end of March for presidential elections, with investors in Kiev hoping that a reform-friendly result might help the country share more fully in the emerging markets rally.

Two Turkish borrowers hit the market on Thursday, one returning to the market after a six year hiatus. Coming in the wake of a Koc Holding deal this week, the three deals make this Turkey’s busiest week for deals in almost three years.

Poland has released a draft capital markets development strategy, that aims to improve corporate governance, including at state-controlled firms, and foster a savings culture.

The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.

Koç Holding opened books for a six year dollar benchmark, returning to the bond market for the first time in three years. While market participants said that initial price thoughts looked generous, they expected the spread to be tightened aggressively before pricing.

NLMK Group, one of Russia’s largest steel manufacturers, is planning a return to the bond market after a two year hiatus.

This Thursday was Fat Thursday, a Polish equivalent of Pancake Day, celebrated by the consumption of doughnuts. But Poland’s Ministry of Finance fed socially responsible investors a different treat this year: €2bn of green bonds.

Two Turkish issuers were back on screens this week as the country continues its rehabilitation in the capital markets. QNB Finansbank printed with a 10bp new issue premium, according to one lead manager, a level which he said shows how far Turkey has come since the sovereign paid up 50bp for its post-volatility return to market trade in October.

Koç Holding, Turkey's largest holding company, has mandated three banks for a five or seven year dollar RegS/144A benchmark. An investor has said that given recent Turkey volatility, he would want to see a much larger premium over the Turkey curve for the longer of those two options.